May 20, 2025 IP/Design service outlook ASIC market dynamics into 2026 ◆ AWS, Google, META ASIC update AWS, Google, META ASIC update For AWS, Trainium 3 issues were solved, and it continues to book orders with downstream suppliers. After the last check of Trainium 3 test chip, we expect AWS to sign the contract of Trainium 4. Considering the new technology adoption, the actual work of Trainium 4 project has already begun. For Google, the progress on Broadcom's side has been steady from TPU v6, v7, to v8. The ...

这是一个来自瑞穗证券的一份研报，里面提到了对博通、英伟达、AMD、超微和华为的分析。报告 放在星球中，有兴趣的朋友可以到星球中查看原始报告。 瑞穗预计，博通定制ASIC芯片（TPUv7p/MTIA2）将在2026年加速放量，并可能在2026年下半年用 于OpenAI的Strawberry和苹果的Baltra项目。在2024年，博通的定制ASIC芯片占使用的70%-80%，绝 对的AI ASIC龙头。报告中的这个数字应该是没有考虑像Google的TPU这种自产自销的AI ASIC。 在沙特的UMAIN项目中，未来5年将部署4000台GB200 NVL72服务器（对应28万颗英伟达GPU）和 35万颗AMD GPU。在阿联酋G42项目中，承诺保证每年进口50万颗英伟达GB200 GPU（价值150亿 美元）。但笔者对这个数字持保留态度，感觉未必能持续下去。 对于超微和AMD的分析都比较简单，我们这里就不太写了。 这么看下来，今年昇腾910系列的出货量在70万以上应该是有的。 end 对华为的一个分析很有意思，报告中提到预计昇腾910在2025年订单超70万颗，下一代昇腾920将于 2026年推出。 但报告中也提到 ...

Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $70.1 million, down from $119.5 million in Q1 2024, primarily due to the impact of the 2024 halving and increased global network hash rate [7][20] - Gross profit was negative $3.2 million compared to positive $34.1 million, resulting in a gross margin of negative 4.6% versus 28.6% [22] - Adjusted EBITDA was negative $56.1 million compared to positive $27.3 million in the previous year [22] - Net cash used for operating activities was $284 million, driven mainly by supply chain and manufacturing costs [23] Business Line Data and Key Metrics Changes - Self-mining revenue decreased by 23.1% to $37.2 million, impacted by the halving event and increased global hash rate [20] - Cloud hash rate revenue fell to $100,000 from $18.1 million due to the expiration of long-term contracts [21] - General hosting revenue dropped to $9.6 million from $29 million, while membership hosting revenue decreased to $16.3 million from $19.5 million [21] Market Data and Key Metrics Changes - The company is focusing on geographic diversification, with over half of its new power capacity located in Norway and Bhutan [8] - The company expects to reach a self-mining hash rate of 40 exahash per second by October 2025, driven by new power capacity and ASIC production [14][68] Company Strategy and Development Direction - The company is prioritizing the development of its own ASIC technology, which is expected to provide long-term advantages and cost efficiencies [7] - Plans to migrate a portion of manufacturing to the U.S. in the second half of 2025 are underway, aiming to capitalize on favorable tariff policies [10] - The company is also exploring opportunities in high-performance computing (HPC) and AI, with ongoing discussions for potential partnerships [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Bitcoin mining rigs, anticipating continued growth in the market [10] - The company is optimistic about the impact of recent trade negotiations on U.S. manufacturing for Bitcoin mining [9] - Management acknowledged uncertainties in capacity availability due to market dynamics but remains confident in their partnerships with TSMC [32] Other Important Information - The company signed a 50-megawatt mining data center agreement in Ethiopia, targeting energization by Q4 2025 [16] - The total available power capacity is expected to reach over 1.8 gigawatts by the end of 2025, including new projects in Ohio and Ethiopia [17] Q&A Session Summary Question: Interest in A2 and chip demand changes - Management noted increased interest in purchasing mining ASICs following recent market developments, but self-mining remains a priority [31] Question: 40 exahash target considerations - Management indicated that the target is influenced by machine availability and power capacity, with confidence in meeting the goal [32] Question: Demand for Clarington site and customer interest - The focus is on securing a development partner for the Clarington site, with inbound interest from potential end users [36] Question: Recent loan agreement rationale - The company is cautious about dilution and sees responsible debt as a viable option for financing chip purchases [37] Question: Strategy for Seal A4 ASIC - The company plans to transition to external sales as internal capacity fills up, with expectations for significant external sales once production ramps up [41] Question: Power cost trends - Q1 typically sees higher power prices, but management expects lower costs in Q2 and Q3 due to improved power supply strategies [46] Question: ASIC machine performance tracking - Customers can expect to test the efficiency of the new ASIC machines starting in October [50] Question: Average fleet efficiency targets - Management anticipates average efficiency to improve as newer rigs are deployed, with expectations for lower energy consumption in the future [55] Question: Tariff impact on external sales strategy - Management believes tariffs will not significantly hinder operations, with plans to adapt manufacturing strategies accordingly [78] Question: Customer interest trends and global sales composition - U.S.-based miners continue to dominate the market, but there is potential for increased international sales as the market evolves [86]

Financial Data and Key Metrics Changes - For Q1 2025, total revenue was $70.1 million, a decrease from $119.5 million in Q1 2024, primarily due to the impact of the 2024 halving and increased global network hash rate [6][19] - Gross profit was negative $3.2 million compared to positive $34.1 million in the previous year, resulting in a gross margin of negative 4.6% versus 28.6% [21] - Adjusted EBITDA was negative $56.1 million, down from positive $27.3 million in Q1 2024 [21] - Net cash used for operating activities was $284 million, driven mainly by supply chain and manufacturing costs [22] Business Line Data and Key Metrics Changes - Self-mining revenue was $37.2 million, down 23.1% year-over-year, influenced by the halving event and increased global hash rate [19] - Cloud hash rate revenue fell to $100,000 from $18.1 million due to the expiration of long-term contracts [20] - General hosting revenue decreased to $9.6 million from $29 million, while membership hosting revenue dropped to $16.3 million from $19.5 million [20] Market Data and Key Metrics Changes - The company is focusing on geographic diversification, with over half of its new self-mining power capacity located in Norway and Bhutan [7] - The company anticipates a self-mining hash rate of 40 exahash per second by October 2025, supported by new power capacity coming online [13] Company Strategy and Development Direction - The company is prioritizing the development of its own ASIC technology, which is expected to provide long-term advantages and cost efficiencies [6][12] - Plans to migrate a portion of manufacturing to the U.S. in the second half of 2025 are underway, aiming to capitalize on favorable tariff policies [9] - The company is also exploring opportunities in high-performance computing (HPC) and AI, with ongoing discussions for development partnerships [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Bitcoin mining rigs, anticipating continued growth in the market [9][12] - The company is optimistic about the impact of recent trade negotiations on tariffs, which may encourage more Bitcoin mining-related manufacturing in the U.S. [8] - Management acknowledged the uncertainty in capacity availability due to market dynamics but remains confident in their partnerships with technology providers [31] Other Important Information - The company signed a 50-megawatt mining data center agreement in Ethiopia, targeting energization by Q4 2025 [14] - A loan agreement for up to $200 million was established to finance chip purchases, secured by the miners themselves [26][72] Q&A Session Summary Question: Interest in ASIC chips and demand changes - Management noted increased interest in purchasing mining ASICs following recent market developments, but self-mining remains the priority [30] Question: Clarington site development and customer demand - The focus is on securing a development partner for the Clarington site, with inbound interest from potential end users [35] Question: Capital structure and loan agreement rationale - The decision to enter a loan agreement was influenced by market conditions, with a focus on minimizing dilution while financing growth [36] Question: ASIC sales strategy and external sales capacity - The company plans to transition to more external sales as internal capacity fills up, with expectations for significant external sales of the A4 ASICs [40] Question: Power costs and future trends - Q1 typically sees higher power prices, but management expects lower costs in Q2 and Q3 due to improved power supply strategies [46] Question: Customer interest and tariff impacts - Management believes that U.S. miners will continue to expand operations despite potential tariff challenges, with a strong capital market supporting growth [86]

Tr e n dFo r c e集邦咨询表示，CSP为应对AI工作负载规模逐步扩大，同时计划降低对NVIDIA、AMD 的高度依赖，因此积极投入ASIC开发进程，以便能控制成本、性能和供应链弹性，进一步改善营运 成本支出。 观察美系四大CSP在AI ASIC进展，居领先地位的 Go o g l e（谷歌） 已推出TPU v 6 Trilli um，主打 能效比和针对AI大型模型的最佳化，预计2 0 2 5年将大幅取代现有TPU v 5。针对新一代产品开发， Go o g l e从原先与Br o a d c om（博通）的单一伙伴模式，新增与Me d i aTe k（联发科）合作，转为双供 应链布局。此举将提升设计弹性，降低依赖单一供应链的风险，并有助增加高阶先进制程布局。 AWS（亚马逊云科技） 目前以与Ma r v e ll（美满电子）协同设计的Tr a i n i um v 2为主力，其主要支持 生成式AI与大型语言模型训练应用，AWS也和Al c h i p合作Tr a i n i um v 3开发。Tr e n dFo r c e集邦咨询 预估2 0 2 5年AWS的ASIC出货量将大幅成长，年增表现 ...

"Our 'Back-to-Basics Roadmap' is working," said Gil West, Chief Executive Officer of Hertz. "Disciplined fleet management, revenue optimization, and rigorous cost control are driving meaningful results. In a dynamic environment shaped by tariffs and economic uncertainty, capitalizing on our fleet as our most dominant economic lever keeps us agile today and positions us to deliver long-term, sustainable value."Just a year ago, we were managing through an aging fleet and pressure on residual values. Today, th ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源： 本文 编译自 businessinsider ，谢谢。 英伟达在人工智能半导体领域无疑占据主导地位。估值存在波动，但据估计，在数据中心芯片领 域，以及ChatGPT和Claude等产品的芯片领域，该公司的市场份额超过80%。 这种令人羡慕的主导地位可以追溯到近二十年前，当时研究人员开始意识到，使复杂、视觉震撼的 视频游戏和图形成为可能的密集型计算也可以实现其他类型的计算。 该 公 司 早 在 ChatGPT 推 出 16 年 前 就 开 始 构 建 其 著 名 的 软 件 堆 栈 ， 即 计 算 统 一 设 备 架 构 (CUDA)。在那段时间的大部分时间里，该公司一直处于亏损状态。但首席执行官黄仁勋和一群坚 定的支持者看到了图形处理器 (GPU) 赋能人工智能的潜力。如今，英伟达及其产品已占据了全球 大部分人工智能应用的主导地位。 得益于英伟达领导层的先见之明，该公司在人工智能计算领域占据了巨大的领先优势，但挑战者们 正奋力追赶。其中一些是游戏或传统半导体领域的竞争对手，还有一些则是从零开始。 AMD AMD 是英伟达在数据中心 AI 计算市场上最大的竞争对 ...

证券研究报告·行业点评报告·电子 电子行业点评报告 透视大厂 AI 动态，看好 ASIC 产业方向 2025 年 05 月 05 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 北美大厂陆续更新 AI 展望，未来投入趋势仍乐观。 北美头部 CSP 厂商已于 4 月底陆续披露 CY25Q1 业绩，并在业绩电话 会上对各自的 AI 投入进行了分析展望。Meta 一季度资本支出 139.6 亿 美元，同比增长 103.7%，公司将全年资本支出预期从 600-650 亿美元提 升至了 640-720 亿美元，主要投向 AI 发展。谷歌一季度资本支出达到 172 亿美元，同比增长 43%，即使宏观经济环境发生了变化，但仍维持 全年 750 亿美元资本支出预期。微软 25Q3 财季含财务租赁资本支出为 214 亿美元，因为数据中心租赁交付时间波动而略低于预期，但给予了 Q4 财季环比增长，下半年总额维持此前预期的指引，新财年资本支出 也将继续增长。亚马逊一季度资本支出 250.2 亿美元，同比增长 20.2%， 此前公司 CEO 在股东信中表示全年资本支出将达到 1000 亿美元， ...

智通财经APP获悉，据媒体最新报道，全球"AI芯片霸主"英伟达(NVDA.US)已通知包括字节跳动、阿里 巴巴以及腾讯等科技公司在内的中国市场最重要客户，该公司正重新修改其AI芯片设计架构，以符合 美国政府的最新出口限制，并坚持继续向中国企业供应AI芯片。 截至1月26日的 2025财年，英伟达在中国市场实现销售额高达171.1亿美元，占该半导体巨头高达1,305 亿美元总营收的大约13%。 即将推出的中国市场"特供版AI芯片"将走ASIC路线而不是通用GPU路线? 有半导体行业分析人士在《The Information》最新报道披露后表示，英伟达为了推出迎合美国政府出口 禁令的中国市场特制版AI芯片，可能将AI芯片技术路线从通用GPU 转向专门面向AI训练/推理领域的 AI ASIC。 据悉，这些分析人士表示，GPU架构的特定决定了英伟达除非大规模削减性能，否则无法在短期内推出 符合美国出口限制措施的AI芯片，但是大幅削减性能可能使得英伟达AI芯片相比于国产AI 芯片不具备 性价比。不过，还有分析人士表示，英伟达的中国市场AI芯片策略可能将专注于"在AI GPU架构上做快 速且适度幅度降级以规避监管红线"— ...

证 券 研 究 报 告 联发科（2454.TW）FY2025Q1 业绩点评及法说会纪要 主流&入门市场需求驱动手机业务增长， 25Q1 同环比收入均实现增长 事项： 2025 年 4 月 40 日联发科发布 2025 年 Q1 季度报告（以 TIFRS 为准则），并召 开业绩说明会。 评论： 1. 受 AI&Wifi7 导入&关税提前拉货影响，联发科 25Q1 收入同环比均有所增 长。由于人工智能和 Wi-Fi 7 普及率不断提升带来的结构性提升，以及部分由 于关税不确定性而导致的需求好于预期。25Q1 联发科实现营收 1533 亿新台 币（QoQ +11.1%，YoY +14.9%），营业利润 301 亿新台币（QoQ +40.4%，YoY- 6.6%），净利润 295 亿新台币（QoQ +23.3%，YoY -6.7%），毛利率为 48.1%（环 比下降 0.4pct，同比下降 4.3pct）。 2. 主流&入门市场需求回暖带动手机业务增长，25H2 发布新一代旗舰 SoC 有 望进一步带动份额及 asp 提升。虽旗舰产品需求略有下降，但主流和入门级市 场需求回暖带动联发科 25Q1 手机业务同环比均实现 ...